VENEZUELA is in the grips of a presidential crisis, following a 2018 election, the results of which were declared invalid. But what’s going on in the South American country?

Early in January 2019, the results of the 2018 Presidential Election in Venezuela were declared to be invalid by the National Assembly of Venezuela. This meant that winner of that election, incumbent president Nicolas Maduro was stripped of his win and opposition leader Juan Guaido was declared interim president. Countries across the world have pledged support to both sides, with calls for another election and sanctions imposed as the chaos continues.

Venezuela Crisis: The US has introduced sanctions on Venezuela which has angered Russia (Image: GETTY)

“That almost would be their best case scenario.

"The risk is that we end up in a protracted stalemate and it begins to look more like an old Cold War-style conflict where you have the Chinese and the Russians supporting Maduro and the rest of the world supporting Guaido.

The Trump administration has warned of "serious consequences" after Venezuela's government moved to freeze the bank accounts of self-proclaimed interim president Juan Guaido on Tuesday.

The sweeping sanctions on PDVSA announced on Monday and aimed at curbing crude exports to the United States and driving President Nicolas Maduro from power, were the strongest measures yet against the 56-year-old former union leader who has overseen economic collapse and an exodus of millions of Venezuelans in recent years.

The measures triggered higher global oil prices, angry responses from China and Russia and the first serious moves against Guaido since he challenged Maduro's claim on the presidency last week.

Venezuelan Attorney General Tarek Saab said he had asked the Supreme Court to open a preliminary investigation into Guaido, accusing him of helping foreign countries to interfere in internal matters.

He also asked the court to impose a travel ban on the 35-year-old leader and to freeze his bank accounts.

In response, US national security adviser John Bolton warned of "serious consequences for those who attempt to subvert democracy and harm Guaido," in a tweet that described Saab as the "illegitimate former Venezuelan Attorney General."

Maduro's inauguration sparked protests throughout Venezuela.

Over 40 people are believed to have been killed in political violence last week, including 26 shot by pro-government forces, five killed in house raids and 11 during looting, UN human rights spokesman Rupert Colville said on Tuesday.

Venezuela Crisis: The US has been accused of interfering with Venezuela (Image: GETTY)

He said more than 850 people were detained between January 21 and January 26, including 77 children, some as young as 12.

Guaido said on Tuesday he did not underestimate the threat of imprisonment but did not believe it was "anything new."

Many opposition leaders have been imprisoned in the South American nation.

Guaido told a news conference: "We are here. We will keep acting and working to confront the humanitarian crisis."

Most experts believe the sanctions and other measures against Maduro will encourage him to step down only if he loses the support of the powerful military, which until now has been mostly loyal to the leftist ruling party founded by late President Hugo Chavez.

Maduro appeared on a television broadcast from a military base on Tuesday, praising the soldiers' loyalty.